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RBI asked banks to “immediately” reduce the number of inoperative or 'frozen' accounts by taking necessary steps and also reported the number on a quarterly basis. Expressing concern over the increasing amount of money lying in such accounts, the RBI said its supervisory inspections revealed several problems.
New Delhi. The Reserve Bank of India (RBI) asked banks to “immediately” reduce the number of inoperative or 'frozen' accounts by taking necessary steps and also reported the number on a quarterly basis. Expressing concern over the increasing amount of funds lying in such accounts, the RBI said its supervisory inspections have revealed several problems due to which accounts are becoming inactive or 'frozen'. The supervision department of RBI recently conducted an analysis.
Which revealed that the number of inoperative accounts/unclaimed deposits in many banks was higher than their total deposits in absolute terms as well. “Banks are advised to take immediate necessary steps to reduce the number of inoperative/deposited accounts and to make the process of activating such accounts easy and hassle-free,” the notification issued to heads of all banks said. ” It suggested that banks may consider enabling seamless updation of KYC (Know Your Customer) through mobile/internet banking, cross branches and video customer identification process.
Disclaimer: Prabhasakshi has not edited this news. This news has been published from PTI-language feed.
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